I just saw a 2ba/1ba condo in Oceanside 92054 sell for $142k, and they’re a long ways from bottoming out there.
In late yr2000, similar units were selling in the $90,000 range. By contrast, in 2000 you could have bought a 1980s 2bd/2ba unit for between $150k – $200k in the UTC area.
I doubt pricing will bottom out near these levels in these areas but because after a certain point the rents start to justify higher prices than that. But you never know – the rents in this region have increased a lot more than incomes have, and there’s no saying that they won’t adjust too.